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Trade-Ideas: Dyax Corporation (DYAX) Is Today's "Dead Cat Bounce" Stock

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Trade-Ideas LLC identified Dyax Corporation ( DYAX) as a "dead cat bounce" (down big yesterday but up big today) candidate. In addition to specific proprietary factors, Trade-Ideas identified Dyax Corporation as such a stock due to the following factors:

  • DYAX has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $15.7 million.
  • DYAX has traded 284,476 shares today.
  • DYAX is up 3% today.
  • DYAX was down 5.1% yesterday.

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More details on DYAX:

Dyax Corp., a biopharmaceutical company, engages in the identification, development, and commercialization of treatments for plasma kallikrein-mediated (PKM) angioedemas. It offers KALBITOR for the treatment of acute attacks of hereditary angioedema (HAE). Currently there are 4 analysts that rate Dyax Corporation a buy, no analysts rate it a sell, and none rate it a hold.

The average volume for Dyax Corporation has been 1.3 million shares per day over the past 30 days. Dyax has a market cap of $1.0 billion and is part of the health care sector and drugs industry. The stock has a beta of 0.94 and a short float of 3.9% with 2.01 days to cover. Shares are up 141.7% year to date as of the close of trading on Thursday.

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TheStreetRatings.com Analysis:

TheStreet Quant Ratings rates Dyax Corporation as a sell. Among the areas we feel are negative, one of the most important has been unimpressive growth in net income over time.

Highlights from the ratings report include:

  • The company, on the basis of change in net income from the same quarter one year ago, has significantly underperformed when compared to that of the S&P 500 and the Biotechnology industry. The net income has decreased by 18.8% when compared to the same quarter one year ago, dropping from -$5.21 million to -$6.19 million.
  • DYAX CORP's earnings per share declined by 20.0% in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, DYAX CORP continued to lose money by earning -$0.29 versus -$0.35 in the prior year. This year, the market expects an improvement in earnings (-$0.29 versus -$0.29).
  • Compared to its closing price of one year ago, DYAX's share price has jumped by 157.00%, exceeding the performance of the broader market during that same time frame. Regarding the future course of this stock, we feel that the risks involved in investing in DYAX do not compensate for any future upside potential, despite the fact that it has seen nice gains over the past 12 months.
  • Despite its growing revenue, the company underperformed as compared with the industry average of 10.6%. Since the same quarter one year prior, revenues slightly increased by 4.5%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.

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